Raleigh is among the ‘most desired’ apartment markets in US, study says. How we rank.
Looking for an apartment in Raleigh? Join the large and rapidly growing club.
The metro is gaining traction as one of the most sought-after places for renters, jumping 41 places in November to No. 30 on RentCafe’s list of the most desired rental markets in the nation.
According to the report, online traffic for Raleigh apartment listings spiked by 10% compared to this time last year.
“Raleigh is a newcomer to our top 30,” RentCafe’s Felicity Domentii said in an email to The N&O.
On the flipside: High demand led to a 13% drop year-over-year in available apartments, leaving renters with fewer options to choose from, she said.
Triangle’s ‘Missing Middle’ housing: Where did it go? What can bring it back?
Other cities in the state that got renters’ attention this month are Charlotte (number 33 on the list), Durham (44) and Cary (60). Greensboro (104), Winston Salem (106) and Fayetteville (145) didn’t make it into the upper half of the list of 150 cities, the report found.
Nationwide, Minneapolis is the most desired location by renters in November, with a 150% year-over-year increase in apartment views and a 162% rise in saved personalized searches.
To compile the report, the research team analyzed RentCafe.com’s rental listing data across the 150 largest cities by population in the contiguous U.S. and with a relevant listing inventory sample. The regions are defined according to the U.S. Census Bureau.
Market update
Soaring home prices and higher mortgage rates are keeping many would-be home buyers in the rental market for longer, say experts. A long-running housing shortage is also inflating rents across the Triangle.
The Raleigh metro area alone needs at least 17,000 more units, according to a recent Zillow study.
Despite a national trend showing rents cooling in major markets, Raleigh’s median rent stands at $1,281 for a one-bedroom apartment and $1,457 for a two-bedroom in November, according to Apartment List.
In Durham, the median rent currently stands at $1,175 for a one-bedroom apartment and $1,412 for a two-bedroom, the real estate website found.
